World Bank funding to improve Public Expenditure Management and Tax Administration

May 31, 2017Rahul BhandariBreaking NewsComments Off on World Bank funding to improve Public Expenditure Management and Tax Administration

New Delhi: To improve the efficiency of Public Expenditure Management and Tax Administration in Himachal Pradesh, the Union Government today signed an agreement for IBRD Credit of USD 36 Million from World Bank.

The agreement was signed today in by Raj Kumar, Joint Secretary (MI), Department of Economic Affairs on behalf of the Government of India and Junaid Kamal Ahmad, Country Director, World Bank (India) on behalf of the World Bank. The Implementing Entity Agreement was signed by the Additional Director, Treasuries, Accounts and Lotteries, on behalf of Government of Himachal Pradesh (GoHP), and the Country Director (India) on behalf of the World Bank.

The ‘Himachal Pradesh Public Financial Management Capacity Building Program’ is expected to contribute to enhancing efficiency of key departments, improving budget credibility, strengthening systems and procedures to improve fiscal discipline, improving revenue administration to increase fiscal space, and targeted organizational reforms including human resource reforms. The Program focuses on the priority areas identified by the GoHP, which were articulated in various stakeholder workshops during Program preparation.

The programme size is USD 45 million, of which USD 36 million will be financed by the Bank, and the remaining amount will be funded out of State Budget. The programme duration is 5 years.